CFPB Chief: We Are Working to Attack Problems Confronting Seniors

The Consumer Financial Protection Bureau is continuing to target specific populations of consumers in its protective role, including seniors, the agency’s director Richard Cordray told members of the CFPB Consumer Advisory Board Wednesday. 

In prepared remarks before the advisory board, established in 2012, Cordray reviewed accomplishments of the bureau as well as future steps the agency will take.

“We are responding to an explicit challenge that Congress laid down for us by attacking the unique problems that confront special populations of consumers,” Cordray said. “In addition to our work with students, Assistant Director Skip Humphrey and his team have targeted the financial exploitation of older Americans. They are working to help seniors get sound information and advice about their retirement finances.”

Additionally, Cordray pointed to the mortgage market as the largest consumer market the CFPB oversees, for which it has received thousands of complaints since it began collecting complaints, and for which it has made many rules toward greater transparency in the market. 

“For the largest single consumer financial market – the mortgage market, worth trillions of dollars – we have adopted sweeping new rules to ensure that the excesses and irresponsible practices that helped precipitate our nation’s financial calamity cannot be repeated,” Cordray said. 

The consumer advisory board was established in September 2012 and comprises 25 members from non-government entities. 

Written by Elizabeth Ecker

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